Greaves Cotton Limited (GCL), a diversified engineering company, has reported a strong financial performance for the second quarter of fiscal year 2026, demonstrating significant growth across key metrics.

Financial Highlights

GCL's consolidated performance for Q2 FY26 showcases impressive year-on-year growth:

The company's standalone performance was equally impressive:

Segment Performance

Engines Business

• Revenue grew to ₹406.00 Cr, up 31% year-on-year
• Strong performance in both auto and power generation segments
• Automotive segment grew 48% YoY, driven by robust export demand
• Power Generation registered 24% YoY growth

Electric Mobility

• E2W VAHAN volumes increased by 54% year-on-year in H1 FY26
• Market share improved from 3.2% in H1 FY25 to 4.2% in H1 FY26
• Maintained strong regional presence with 12% market share in Tamil Nadu, 14% in Bihar, and 6% in Odisha in Q2 FY26

Greaves Retail

• Revenue stood at ₹146.00 Cr with an EBITDA margin of 16.2%
• Strong growth in institutional business, particularly in Railways

Strategic Developments

• GCL has successfully transitioned its entire E2W portfolio to LFP batteries, enhancing safety, battery life, and thermal stability
• The company introduced the Ampere Magnus Grand, a next-generation electric family scooter priced at ₹89,999 (ex-showroom)
• Greaves Finance, the company's EV financing arm, has grown its Assets Under Management (AUM) to ₹380.00 Cr, a 2.4x year-on-year increase

Conclusion

Greaves Cotton's robust Q2 FY26 results reflect the company's strong positioning in both traditional and emerging segments of the engineering and mobility sectors. The significant growth in net profit and improved EBITDA margins across segments demonstrate the effectiveness of the company's operational strategies and its ability to capitalize on the growing demand for sustainable mobility solutions.

As Greaves Cotton continues to innovate and expand its product portfolio, particularly in the electric mobility space, it appears well-positioned to benefit from the ongoing transition to cleaner and more efficient transportation options in India.

Greaves Cotton , a leading diversified engineering company, has reported strong financial results for the quarter ended September 30, 2025 (Q2 FY26), driven by growth across its Engineering and Electric Mobility businesses.

Financial Highlights

Key Takeaways

Standalone Performance

On a standalone basis, Greaves Cotton reported revenue from operations of ₹552 crore, up 18% year-on-year, with EBITDA of ₹78 crore and PBT of ₹75 crore. Margins improved by 160 bps due to operational efficiencies and cost optimization.

Consolidated Results

The company reported consolidated revenue of ₹815 crore, up 16% year-on-year, with EBITDA of ₹52 crore and PBT of ₹31 crore, reflecting improved profitability across businesses.

Segment Performance

• The Engineering business delivered robust growth of 31% year-on-year.
• The Genset business grew 24% year-on-year, while the Automotive business surged 48% year-on-year.
• The Electric Mobility business also reported growth, with electric two-wheeler (E2W) VAHAN volumes up 54% year-on-year and market share improving from 3.2% to 4.2%.

Strategic Outlook

Greaves Cotton continues to focus on engineering excellence, export expansion, and EV technology transition. Its continued investments in R&D, LFP battery technology, and network expansion position the company for sustainable, future-ready growth.

Commenting on the results, Mr. Parag Satpute, MD & Group CEO, said, “Greaves Cotton’s performance in Q2 FY26 reflects the continued strength and resilience of our diversified portfolio. Our Engineering and Electric Mobility businesses continue to demonstrate solid growth and profitability.”

Overall, the results underline Greaves Cotton’s strong momentum across segments, enhanced operational efficiency, and strategic focus on sustainable value creation.